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Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost $ Cost $225,000 574,905 9,400 Cost 225,000 $ 574,905 9,400 809,305 Retail $315,000 875,000 $ 27,000 11,000 835,000 Retail 315,000 875,000 27,000 1,217,000 (11,000) 1,206,000 (835,000) 371,000 Cost-to-Retail Ratio %

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost $ Cost $225,000 574,905 9,400 Cost 225,000 $ 574,905 9,400 809,305 Retail $315,000 875,000 $ 27,000 11,000 835,000 Retail 315,000 875,000 27,000 1,217,000 (11,000) 1,206,000 (835,000) 371,000 Cost-to-Retail Ratio %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost $ Cost $225,000 574,905 9,400 Cost 225,000 $ 574,905 9,400 809,305 Retail $315,000 875,000 $ 27,000 11,000 835,000 Retail 315,000 875,000 27,000 1,217,000 (11,000) 1,206,000 (835,000) 371,000 Cost-to-Retail Ratio %
Transcribed Image Text:Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost $ Cost $225,000 574,905 9,400 Cost 225,000 $ 574,905 9,400 809,305 Retail $315,000 875,000 $ 27,000 11,000 835,000 Retail 315,000 875,000 27,000 1,217,000 (11,000) 1,206,000 (835,000) 371,000 Cost-to-Retail Ratio %
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